Your comments - be careful not to exceed 6 ach transfers on your savings account per monthLatest responses to “Be Careful Not To Exceed 6 ACH Transfers On Your Savings Account Per Month”Copyright 2015, MoneyBlueBook.comJamie says: 22973573232014-08-23T07:27:49-07:00JamieI don't feel bad for customers who threaten to close their accounts or get penalized. That's absolute nonsense that you weren't "told about it," because banks are required to provide this in their Truth in Savings disclosure. It's not the banks' fault you're all illiterate.Dump Savings to Checking says: 15782573232014-03-31T19:59:48-07:00Dump Savings to CheckingThis is ridiculous.
I just maxed out on my 6 transaction limit per month for moving funds from my savings to my checking account.
I generally keep most of my funds in savings and then move them into checking when I need them as a safe and manageable method of tracking and isolating the purpose of my funds.
Now, I can't pay my bills online because of this stupid regulation.
I'm going to have to pull out half or all of my funds out of Savings...this was one stupid regulation.Megan R. says: 197455222013-07-18T06:06:11-07:00Megan R.I can't even express how FURIOUS I am over this. I have a credit card, checking account and savings account through the SAME bank which I WAS loyal to. I pay all of my bills on time and I micromanage all of these accounts. Before opening these accounts I read every line of every contract that I signed and NOWHERE did it say that I can be charged $5 for this "regulation D" Bullshit. This morning when I went to view my online statement I was pleasantly surprised to find out that the credit card, which I payed off 4 times already was not payed yet. So I looked through my transfers and not only noticed that I payed $40 in fees AND lost ALL of the money that DID NOT transfer to my credit card. Now my credit card payment is overdue eventhough I payed it over 2 weeks ago and since I lost all of that money I don't have enough to pay it off now. I am going to my bank and raising Holy He// when I get there because I want my $1000 AND credit back.TL says: 2611573232013-02-19T13:48:52-08:00TLL.Meade: It IS over-regulation. It may not have been the Democrats (although it may have been), but it is most certainly over-regulation. The fact that the banks may benefit from it, doesn't mean it isn't regulation. Those two are not mutually exclusive. It isn't Capitalism's fault either. The government has too much power and that power is for sale. This is Crony Capitalism which couldn't exist in a free market with limited government that has no power to sell to the corporations.L.Meade says: 1375692232012-11-30T16:14:04-08:00L.MeadeThis isn't over-regulation, it's what happens when capitalists own the government. This law works in favour of the banks because it allows them to charge a fee (which they keep - the regulation does not require a fee, only that the account be changed to a different type of account).
They own you and the government you think you elected. Democrats didn't do this - this is Big-Money, and that means Republicans. They don't want you educated, they don't want you to tell them they have to give money to the poor. The supposed reason for this law is to prevent people with big accounts manipulating their own interest rates. What really happens is people who are barely getting by have to transfer savings to chequing to prevent overdraft fees then have to pay a penalty when they exceed 6 transactions. It's all about the banks making money from your money that they didn't earn.Rob says: 25962222012-08-21T04:44:33-07:00RobWtf. I do buy a lot of things and driving to the bank is very inconvenient then going online and transferring money there. I didn't even get a notice from my bank or my app on my iPhone. The very next day my money is gone $0 from my savings and all into my checking. Wtf. It's my damn money! Now I want to raise hell to the poor nice lady at the bank who breaks her back with a smile about this bull****.kay in tn says: 4699102011-03-03T15:49:09-08:00kay in tnanother reason why I didn't vote for Democrats - just one more tactic to control people so that we do not have to think for ourselves. this country did not become what it is by people becoming robots.
Fred Schultz says: 4013402010-11-15T19:43:00-08:00Fred SchultzThis is just another way to be screwed by the government & and by the banks. I feel I should be able to transfer as much money from my savings to my checking account as many times as I want per month. It's MY money.karen in wisconsin says: 4013102010-11-09T22:19:46-08:00karen in wisconsinWe recently received a letter for the HEAD OFFICE of my bank about our violating more than 6 transfers per statement period.
Of course we are mad.
I told hubby, we might as well keep our savings in sock under the mattress, since we make next to nothing on our savings account, and now they are going to limit our access to OUR money too?
The sock under the mattress is sounding better all along.Mr. Mad says: 4013002010-09-24T20:24:28-07:00Mr. MadThis is absurd. Here's what happened to me. Not knowing anything about the limit, I connected my savings account to my PayPal account. The reason was because my credit card payments are processed through that account, and I buy a lot of stuff online so I figured it made sense to use that account. I went on eBay and went crazy, buying about 15 different things. I then receive two letters on the same day. One for the first "violation" and one for the second. However, the day before I got the letters, I made one more purchase, constituting my third violation! I get a call from the bank saying that if I commit one more "violation" that my account would be closed.
I've never heard anything about this - the bank never told me until I was deep in the red, and now my head is spinning.
I have a good mind to march down to the bank and close my accounts but guess what? That wouldn't help one bit because this is a federal law and it will apply to any bank.
I don't like it though, something's kind of fishy about it - someone has vomited in the rose bushes on this one.